Tuesday, 17 April 2012

MBSB up 4% in anticipation of higher dividends

KUALA LUMPUR (April 17) : MALAYSIA BUILDING SOCIETY BHD [] (MBSB) shares rose as much as 4% on Tuesday morning, possibly, in anticipation of higher dividends by virtue of the financial services provider’s land disposal proceeds.

The stock added nine sen to RM2.25 before being transacted lower at RM2.23 at 12.03pm. Some 3.5 million shares changed hands.

In a note, RHB Research Institute Sdn Bhd said MBSB could register a one-off gain of some RM100 million from the sale of its tracts in Sungai Buloh and Johor.

The one-off gain may result in an additional net dividend yield of 1% assuming a 30% payout ratio, according to RHB.

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